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23  WEST  MAIN  STREET 

WEBSTER,  NY.  14S80 

(716)  872-4503 


CIHM/ICMH 

Microfiche 

Series. 


CIHM/ICMH 
Collection  de 
microfiches. 


Canadian  Institute  for  Historical  Microreproductions  /  Institut  Canadian  de  microreproductions  historiques 


,<'^ 


Technical  and  Bibliographic  Notes/Notes  techniques  et  bibliographiques 


The  Institute  has  attempted  to  obtain  the  best 
original  copy  available  for  filming.  Features  of  this 
copy  which  may  be  bibliographically  unique, 
which  may  alter  any  of  the  images  in  the 
reproduction,  or  which  may  significantly  change 
the  usual  method  of  filming,  are  checked  below. 


L'Institut  a  microfilm*  le  meilleur  exemplaire 
qu'il  lui  a  6t6  possible  de  se  procurer.  Les  details 
de  cet  exemplaire  qui  sont  peut-dtre  uniques  du 
point  de  vue  bibliographique,  qui  peuvent  modifier 
une  image  reproduite,  ou  qui  peuvent  exiger  une 
modification  dans  la  m^thode  normale  de  filmage 
sont  indiqu6s  ci-dessous. 


D 


Coloured  covers/ 
Couverture  de  couleur 


□    Coloured  pages/ 
Pages  de  couleur 


I      I    Covers  damaged/ 


D 


Couverture  endommagie 


Covers  restored  and/or  laminated/ 
Couverture  restaurde  et/ou  peliicul^e 


□    Pages  damafjed/ 
Pages  endommagdes 

Q    Pages  restored  and/or  laminated/ 
Pages  restaurdes  et/ou  pellicul^es 


□    Cover  title  missing/ 
Le  titre  de  couverture  manque 

I      I    Coloured  maps/ 


D 
D 
D 


Cartes  g^ographiques  en  couleur 

Coloured  ink  (i.e.  other  than  blue  or  black)/ 
Encre  de  couleur  (i.e.  autre  que  bleue  ou  noire) 

Coloured  plates  and/or  illustrations/ 
Planches  et/ou  illustrations  en  couleur 


Bound  with  other  material/ 
Relid  avec  d'autres  documents 


D 
□ 
D 
D 


Pages  discoloured,  stained  or  foxed/ 
Pagd9  d4':v.tor6es,  tachetdes  ou  piqu6es 

Pagei»  detached/ 
Pages  d:itach6es 

Showthrough/ 
Transparence 

Quality  of  print  varies/ 
Quality  in^gale  de  I'impression 

Includes  supplementary  material/ 
Comprend  du  materiel  supplementaire 


D 


71 


Tight  binding  may  cause  shadows  or  distortion 
along  interior  margin/ 

La  reliure  serrde  peut  causer  de  I'ombre  ou  de  la 
distortion  le  long  de  la  marge  intirieure 

Blank  leaves  added  during  restoration  may 
appear  within  the  text.  Whenever  possible,  these 
have  been  omitted  from  filming/ 
II  se  peut  que  certaines  pages  blanches  ajoutdes 
lors  d'une  restauration  apparaissent  dans  le  texte, 
mais,  lorsque  cela  dtait  possible,  ces  pages  n'ont 
pas  6t6  filmdes. 


□    Only  edition  available/ 
Seule  Edition  disponible 


D 


Pages  wholly  or  partially  obscured  by  errata 
slips,  tissues,  etc.,  have  been  refilmed  to 
ensure  the  best  possible  image/ 
Les  pages  totalement  ou  partiellement 
obscurcies  pa/  un  feuillet  d'errata,  une  pelure, 
etc.,  ont  6X6  filmdes  6  nouveau  de  fa^on  d 
obtenir  la  meilleure  image  possible. 


D 


Additional  comments:/ 
Commentaires  suppl6mentaires; 


This  item  is  filmed  at  the  reduction  ratio  checked  below/ 

Ce  document  est  film*  au  taux  de  reduction  indiqu*  ci-dessous. 


10X 


14X 


18X 


22X 


7] 


26X 


3GX 


12X 


16X 


20X 


24X 


28X 


32X 


ails 

du 

idifier 

une 

nage 


The  copy  filmed  here  hat  been  reproduced  thanks 
(O  the  generosity  of: 

Library  of  the  Public 
Archives  of  Canada 

The  images  appearing  here  are  the  best  quality 
possible  considering  the  condition  and  legibility 
of  the  original  copy  and  in  keeping  with  the 
filming  contract  specifications. 


L'exemplaire  filmA  fut  reproduit  grice  A  la 
gAntrc^^it*  de: 

La  bibliothdque  des  Archives 
publiquas  du  Canada 

Les  images  suivantes  ont  6tA  reproduites  avec  le 
plus  grand  soin,  compte  tenu  de  la  condition  et 
de  la  netteti  de  l'exemplaire  filmi,  et  en 
conformity  avec  les  conditions  du  contrat  de 
filmage. 


Original  copies  in  printed  paper  covers  are  filmed 
beginning  with  the  front  cover  and  ending  on 
the  last  page  with  a  printed  or  illustrated  impres- 
sion, or  the  back  cover  when  appropriate.  All 
other  original  copies  are  filmed  beginning  on  the 
first  page  with  a  printed  or  illustrated  impres- 
sion, and  ending  on  the  last  page  with  a  printed 
or  illustrated  impression. 


The  last  recorded  frame  on  each  microfiche 
shall  contain  the  symbol  —^-  (meaning  "CON- 
TINUED "),  or  the  symbol  V  (meaning  "END"), 
whichever  applies. 


Les  exemplaires  originaux  dont  la  couverture  en 
papier  est  imprimto  sont  fiimts  en  commen9ant 
par  le  premier  plat  et  en  terminant  soit  par  la 
dernidre  page  qui  comporte  une  empreinte 
d'impression  ou  d'illustration.  soit  par  le  second 
plat,  salon  le  cas.  Tous  les  autres  exemplaires 
originaux  sont  film6s  en  commenfant  par  la 
premiere  page  qui  comporte  une  empreinte 
d'impression  ou  d'illustration  et  en  terminant  par 
la  derniire  page  qui  comporte  une  telle 
empreinte. 

ijn  des  symboles  suivants  apparaitra  sur  la 
dernlAre  image  de  ch&que  microfiche,  selon  le 
cas:  le  symbole  — ^-  signifie  "A  SUIVRE",  le 
symbole  V  signifie  "FIN". 


Maps,  plates,  charts,  etc.,  may  be  filmed  at 
different  reduction  ratios.  Those  too  large  to  be 
entirely  included  in  one  exposure  are  filmed 
beginning  In  the  upper  left  hand  corner,  left  to 
right  and  top  to  bottom,  as  many  frames  as 
required.  The  following  diagrams  illustrate  the 
method: 


Les  cartes,  planches,  tableaux,  etc.,  peuvent  dtre 
filmfo  A  des  taux  de  reduction  diffdrents. 
Lorsque  le  document  est  trop  grand  pour  dtre 
reproduit  en  un  seul  clich6,  il  est  film6  A  partir 
de  Tangle  8up6rieur  gauche,  de  gauche  k  droite, 
et  de  haut  en  bas,  en  prenant  le  nombre 
d'images  n6cessaire.  Les  diagrammes  suivants 
illustrant  la  mdthode. 


rrata 
o 


selure, 
id 


□ 


32X 


1 

2 

3 

1 

2 

3 

4 

5 

6 

'I 


I 

i«al 

!"•'' 
iiiiil 

null 
nl  \ 
tilr 
veil 


T 

n  i 

proi 

<  lOV 

■■uu\ 
a  pr 
mils 
mail 
a  I'l 
pies 
it  cc 
an.] 

will 
It 
payi 
sliip 
aiiij 
tcii.l 
ami  i 
cmti 
ISiit, 
payii 


HARD  'I'lMUS: 


TllRlR  CAUSI'.  AND    rill'JR  ( URi:. 


BV 


,     SVI)NH\'   MVl'kS, 


It  is  iiiipiirl.iiit   tliJit  ull  ^liiMiM   know  ami  I  Inr  rivt  r>  iiii>   iia\  iimMi'  ;iii'1    I'liun-li   liii;li- 

|i;ili/c    lllC    (IlirC    (•;lU^-(•    ii|     tilc    |ilCM'nt     ilc'\V:13^     I'nr     '(iIimK  Icf     lliriHl';li     llloMvjinils   of 


pi'i'sscil    :iiiil  sii\king    cniiililioii    i>{'   iii'l;i~tiy 
mill  coinmcii'f.     It  dues  not    iirisf  IVorn  aiiv 


niilcscl'  t'l  itilc  ic;,'i.in-,  the  i\i.  iit  ol'  Ihi  nil- 
ways  cNcccii  !  Iial  of  any  nl  In  r  iial  imi.  In  rdi- 


iiuliiial  (If  iinavniilai'li'  faiisc.  liciuitroiis  i  matt  i>  -,alui'!  il)\l^.  !ii  r  innplc  iii.insli  iniis.  ainl 
iialiiic  lias  lavislici!  111)1(11  tlii-i  hiiai  ii'sdiirtCM  '  the  lualiiial  |>i'<w.,r''>^  nl'  llic  'iist  (a  iiliu  v  !>* 
nj  wfiillli  licyonil  all  ct  In  r-  llfi  soil  i-;  t"(  r  only  an  I'lnic-t  ol'  In  r «  a])aliililiis.  \\  iili  alt 
tilr.  lior  inincs  ai(  ricli  ami  iinl  y''t  l';illy  ilc- i  these  ail\ai,t;;L;cs,  imhistry  is  paraly/.i  il  ami 
V(  liiped,  her  (iiiilieis  ai'"  \- iiieil  mil  iJniinlaiit,  j  tlic  |a'i)|i!r  are  siilVi  I'liU'  ili'-lif  ss. 

THE  CAUSE. 


The  cause  i.s  In.)  nlivioll-    to    lea\e    a  li'Ml'd. 

It    is  to   he   luiiiid  i'l  the  past,  present,  am! 


The  history  of  that  pi'iioil    i-    iinw   repent- 
\n<f  itself  iv.  this  coiiiitiv,  ami  theiucli  we  iiiav 


|)rospeelive  misiiiana^'cinent.  Iiy  til"  Nation  d  U' t  ln' nMe  to  stop  this  Car  of  Jiii^'^emaiil, 
'loverniuciit,  of  the  limi'iiccs  of  the  eoimtry ;  i  we  dr{i|)  its  ilrai^  rope  ami  ir'^e  others  ii)  do 
and  the  only  pos.sihle  cure  ami  restorrttiou  of'  so.  We  recoj^iii/e  its  motive  power  as  well 
a  piosperou.s,  heaUiiy,  and  coiUimioiis  aclivity  as  it.s  devastations,  and  record  our  protest,  as 
iiiu.st  he  found  in  a  ra<lieal  elianj,'e  in  tl:e  '  did  Mr  Matthias  Atwood  in  tlie  IIoii.sc  of 
maiui<fement  of  the  iiat'<uial  liiiaiK  es.  Such  ,  ('oninions.  and  fiord  (tiay  in  thi'  House  (if 
a  iliaiij^e  is  .lot  likely  to  lueur  umler  tie  Lorils,  >\heii  they  alone,  in  I81!t.  protested 
piesent  adniinLstratitm  of  liie  Treasuiy.  and  i  a'.jainst  the  i_L,'ia. rant  and  <  nn  1  [mliey  of  Sir 
it  certainly  will  not  he  niadi' mill  ss  pioniptly  ,  Hoherl  l'(el  .and  Iticardo,  w!io  were  .sup- 
ami  sternly  di'mamled  hy  iinmistaka'ile  inaiii-  poited  hy  the  ahnnst  uuaMiinoiis  voti'  of  the 
festal ioii.s  of  an  aroused  and  earm^t  po|iiilar  Lords  .and  ( 'oiiinion-.  and  applauded  hy  liie 
will.  I  doctrinaire.-,  ihi' money  kiiiLf-.  and  the  daily 

It  is  iii^-hly  ]irohaiile  that  the  means  i>f;  press, 
payment  \s  ill  continue  to  lie  dec  reasi  d  li\  It  should  he  home  in  mind  that  tiic  legal- 
shipments  of  loin  from  the  iiaiik  r.  serves,  J eiider  o|  tin-  coiiiiliy  is  the  only  means  of 
and  hy  the  distruetioa  and  hoariliiig(d' legal  hgal  payne  nl  'I'iic  hank  m-tes  and  Imnk 
tender  notes,  until  llio  inveited  cone  of  hank  ]  deposits,  a.s  well  as  olili;,ratioti-  of  imlividii- 
and  individual  indehtcdnesscrusliea  this  gen  i  aU.  are  all  drl.f,  ,iml  are  all  pay;ihli'  in  legal 
eiatioii  as  it  crushed  a  generation   in  (heat  !  tender     and  that  perioilically.  ami.  at    hast, 


Ihit.iiii  during  theelVorts  to  resuim'  ••specie 
payments"  hotwcen  IHl,")  ami  \H2-i. 


once  on  the  average  during  cat  li  di  eade.  there 
has  hem  in  Knglaml  and  in  the  Iniled  Stiitts 


IIAUI)    I  IMKS; 


u  ^I'licral  iiml  iir;j;ciit  (lriniiii<l  Im  iiinnriiiutt 
puyiiaul.  ill  li<,'al  Uiiihr.  of  Mi  l>t-  liur,  in 
cliltiing  personal  oldipiti.mx,  a>  well  us  lmnl< 
notes  anil  ttnnk  ilcposits. 

TluToiirc  i>f'oplc  wlio  look  upon  liank  iiolcs 
uiKi  liank  (Icpn.-it.s  as  i  c|\iivaii  iit  to  Irnjiiltcii- 
tlur.  wlu'iciia  tlicy  arc  Imt  promises  to  pay 
li'giilti'niliT  on  ih'iuuiui.  siiul  some  nC  us  it- 
ineiiilter  lliat  in  18a7.  and  in  iSdl,  tleniiiixl 
was  inatU',  ami  suspension  eiisucM.  !i<  it  always 
liius  ensueil  mill  will  ensue,  uu'ler  Ilk.'  rir 
cuinstances.  In  18o7  and  1801  Wotli  <roiii  ami 
silver  were  legal  tender.  In  187;{  ilie  .silver 
dollar  was  stricken  out  ot  tin  li->t  ol"  legal 
tenders.  The  managers  ol'  the  Tieasmy  of 
the  I'nited  States  propose,  under  the  resump 
tioii  act.  to  roipiire  all  delits  to  be  payable  in 
gold,  (iold  to  be  the  only  legal  tender  after 
Jan.  1.  1870.  Tl  us  contriielinn  tiie  means 
of  )}ayin«>nt. 

In  18711  demand  was  made  for  paynu  nt  of 
debts  due,  individual  ilei)ts  .a,  well  as  debts 
consisting  of  what  are  called  bank  deposit-; 
The  demand  was  not  for  legal  tender  alone 
in  187;J,  but  for  currency,  imluding  bank 
notes,  which   are  theni'^elves  promises  to  jviy 


legal  tender  There  wiu<  not  then  biitlieidit 
currency  to  meet  tlie  demand  for  payment. 
Tiiere  is  less  currency  now  than  there  was  in 
1H7:i,  and  no  le.s8  debt  incliKling  bank  depos 
its.  If  a  general  demand  were  made  to  inor 
low  for  (  urrency  payment,  suspension  would 
ensue.  If>.pe<ie  payments  are  entnblished  in 
187)'.  as  is  pro|M)sed  by  the  resumption  art. 
it  is  not.  at  all  likely  that  payments  in  gold 
coin  can  be  long  maintained  after  a  demand 
sets  in  for  payment  in  gold  of  all  debts  due. 
TIh'  cousetpiences  of  forced  specie  payment 
are  fearful  to  contemplate.  We  speak,  not 
from  conjecture,  but  fnmi  actual  experiences 
«>f  tlnancial  precedents,  which  should  warn 
us  of  the  dang(!rs  toward  wlii(  h  we  are  tcnil 
ing. 

After  resumption  inevitjibly  comes  suspeii 
sion.  The  itank  of  Kngland  finally  resumed 
full  payment  in  gold  and  silver  in  18'];i 
Two  years  later  a  demand  for  payineut  was 
made  and  a  fearful  commercial  and  tiimncial 
crisis  ensued,  and  the  Hank  of  England  wits 
only  enabled  to  avoid  suspension  of  currency 
payments  by  the  timely  discovery  of  a  bo\ 
e(U)laining  1.000,(HH)  <uu' ixuind  notes. 


THE  CURE. 


It  is  practicable  to  have  a  currency  wliuh  I 
shall  a//  l/i;  legal  tender,  which  shall  all  be  j 
availai)le  f<U'  the  payment  (d  debt  to  indi- | 
viduals  or  to  the  governm<'nt--for  customs  as  ! 
w«  11  as  other  dues — without  di-crimination. 
This  currency  may  consist  of  cojiper.  nickel. 
silver,  gold  and  paper,  and  all  lie  of  eiptal  ] 
value— and  it  should  all  be  issued  liy  the  i 
National  Govcrnmenl  and  lie  ncilrid  by  ■ 
the  National  (Jovermuent  for  all  dues. 

If  the  government  issues  a  nickel,  and  by 
such  issue  receives  eipiivalent  to  tive  (cuts, 
when  that  nickel  comes  back  to  the  govern- 
ment, though   it  contain:!  only   ihe   value  of 


seven  t'iglith.«  of  a  cent  of  nickel  metal,  as  it 
wa.s  issued  a.s  five  c«'nts  it  shoiihl  be  received 
l)y  the  issuer  as  five  cents,  and  be  received 
for  custom  du<s.(M'  any  other  dues,  by  the  sin 
gle  nickel  or  by  the  cart  load.  That  woiihi 
be  circulation.  Circulation  involves  a  com 
plete  circuit  from  the  i.ssucr  and  back  to  the 
issuer.  Our  copper,  nickel,  and  silver  coins 
arc  depreciated  because  they  have  not  a  i)er 
feet  ciieulation;  the  goveinmeut  receives  full 
value  when  it  pays  them  out.  I)ut  receives 
them  back  under  discrediting  and  vexatious 
conditions  and  in  limited  amount.  The 
I'nited  States  note,  the  'greenback,"  has  not 


THKIR  CAUSK  AM)    IHKIK   CLRK. 


a  perfect  nrculHtion,  itH  rircuit  is  broken  [  woiiM  Ix' far  iijdi' convenient  aixl  <-liPH|>rr  t<» 
wlien  it  is  refused  fi.r  ciistoia  .lues,  iind  when  '  notify  the  holilers  of  nmturinj,'  couimhis  that 
the  Kovernnient  refuses  to  redeem  it— yes,  tliey  eouhl  reuli/.e  their  itilereHt  six  niontbH 
redeem  it  in  bonds,  as  orij^imilly  contem  or  h-ss  in  advane<'.  as  current  conponij  wouhl 
plated  -it  is  a  l)reach  of  ;r,„Mi  |;,ith.  fnuiglii  l>e  received  in  payment  of  customs  or  nny 
with  dintistcr.  When  a  •.-■ovemment  pays  out  other  (hies  to  the  urovernment.  I  nder  such 
anything  as  a  medium  of  payment  it  can  not.  an  arran;,'enient  (•ouiM)nh  wouhl  always  he 
iionestly,  refuse  to  reci-lve  tlie  same  at  its  pi esented  and  cancelled  l)ul(  e  »hu'.  and  the 
face  value  Currency  should  he  a  lejcral-ten-  necessity  <>f  providinLr  irold  to  meet  malurinj; 
d(i.  re<'eivat>le  by  the  govennnent,  without  ii'.tcrest  would  lie  avoided.  Authority  to  re- 
wliidi  it  can  not  satisfact  rily  i|ischar<,'t'  the  ceive  coupons  in  advance  was  j;iven  in  a  reso- 
functions  of  a  medium  of  puymeiit,  ;  lution  of  ('oni,'res.s.  March  17.  18(51,  hut  it  is 

In  order  to  eflv  i-t  a  satisfactory  (inancial  '  a  .piestioii  whethtr  any  but  the  Syndicate 
sy.«tem.  it  seems  essential  :—  :ind  Treasury   l{iu;,'s  have  derived  advaiita;,'e 

1.  That  the  administration  of  the  nati(tiial  from  it.  The  fact  should  be  more  widely 
Treasury  should  look  primarily  to  the  inter-    known 

ests  of  the  people  of  this  nation:  and  its  ad-  5.  Kveiy  system  <>f  currency  must  li.ive  a 
miiiistnitors  should  lot»k  for  approval,  ap-  /v.vr/vv  to  meet  e\t inordinary  circumstances, 
|>lause.  and  compensatitm  at  /toific—nol  from  jUKt  as  New  York  lias  reservoirs  to  hold 
iihioad.  \  rest  /ri.s  iff  water  to  meet  c.xtraordiiiaiy  de- 

2.  All  that  enters  into  current  circulation  niands  Let  |")(l.00l».(K)0  of  United  Slates 
shoidd  be  issued  by  the  ;^overnment  and  ite  notes  be  held  in  reserve  for  the  purpose  of 
reci  ivable  by  u'ovcrnineni  for  all  ihies,  with     !)» i-ig  is.«ued  to  persons  or  corporations,  in 

t  out  discrimination  as  to  amount  or  kind  >d  excnmge  for  bonds  at  par.  IJomls  bearinj» 
dues,  and  should  be  a  legal  tender  for  tin  4,  4.10.  •>.  or  G  p(  r  cent  inlerest  may  be  hy- 
purposes  of  payments  between  the  people.        pothicated,  and  the  owmr  may  receive  the 

3.  Tie  pap«'r  curnincy  of  the  country  face  value.  ( oudiiionid  that  the  bonds  shall 
should  consist  of  United  States  iiotrv  w  iio'ly,  not  bear  iiiteie.-t  while  so  liypolhecated. 
representing  shares  in  tlie  national  debt.  This  reserve,  by  tin-  diin.iiid  nnide  upon  it, 
legal  tender,  receivaljle  tor  all  i)iililic  and  will  serve  lo  indieale  the  pies.sure  tor  i  inn  n- 
private  dues,  fln<l  convertible  nt  the  pleasure  ey.  Tin  >tate  of  I  lie  reserve  shcnild  be  pul»- 
o(  the  holder  into  interest  bearing  obli;ra  lished  weekly  ri>r  geiiiral  iuformation 
tions  and  United  Slates  notes  so  nceived  In  order  to  secure  the  adju.-'imeni  of  the 
.-hould  be  retained  at  the  Sub  ti<aMuy  wlnre  total  vohiine  ol  (iirrency  to  the  lutual  needs 
received,  and  be  re  ixeliaiiircd  tor  intere.'^t  •>(  commerce,  without  reliance  on  the  dis- 
bearin;,'  obligations  issued  at  that  Sub  tnas  cKtiou  oC  Congress,  or  of  any  otiicial.  let  the 
nry  at  the  pleasure  of  the  holder.  i  law  jMovide  that  wluiievrr  the  reserve  shall 

4  If  the  government  lias  any  spf«ial  con  be  redueiii  to  tin  millions  of  dollars,  it  shall 
tiact-ss^o  deliver  metal  \\hetlier  copper,  be  tiie  duty  of  tin  Secretary  of  the  Treasury 
nickel,  zinc,  silver  or  gold,  it  should  buy  the  iinineiliately  to  issue  fifty  millions  of  dollars 
metal  from  the  mines  and  forward  it  in  .-.uch  of  .idditioiiiil  United  States  notes,  to  be  paid 
pneka,'i(s  or  such  form  as  was  aiireed ;  but  in  oul  in  the  purehase  of  long  time  bonds,  or  in 
providing    for   interest   payable   in    Liold,   it  !  the  purchase  of  liullion  to  ])ay  bonds  as  soon 


il  AKD    IFMES; 


as  tlu-y  can  bo  lawfully 'allcil  in.  llni^,  raus 
iiijj    tlic  rc'scrvf  in   Im    k  |)l^•ni^il>  <I.  an   the 
WHtir  in  a  .stcani  l)t>ilii  i>  rcpli-nisliiMl  iiy  tli» 
aiilomatir  opcralimi  nf  llic  valves. 

(i.  "Siu'c  ic  jiaynicnf  ainl  ^\nT\v  >tiinil:ii(l, 
or  l)a>siH,  ;iri'  imt  syni>nyiii"U.«.  Wv  luiiy  \\:\w 
11  »|)i'cii'  .-t;mtliini  witliniit   luikiiiLr  :ill  il<lit.«< 


We  ciiti  ti'st  woiglitu  ()iiitc  ns  accunitdy 
with  till'  stt)  1  yard  as  witii  tlic  halanco  scale, 
ill  wiiicli  we  ll.se  weijriits  ((]Ual  to  tiie  <(>IU- 
inodilv  lo  l»e  weiuhctl.  So  we  caii  U'.^t  valiie.s 
liyllie  late  <>(  iiicoiiie  to  lie  (Icriveii — the 
ii)lii'e>t  Oil  I  lie  iiiteiroiivcrlilile  lioml  would 
correspond  to  ilic  pea  on  liie  steel  yard,  and 


piiyalilc!  ill  specie.  We  may  liave  a  specie  I  would  lie  coriv.spondinuly  iKscful  in  testing 
htandard  lor  oiir  curreiiey  liv  inakiiiir  the  |  values.  Tlie  annuai  rate  of  productiveness 
interest  on  the  iiiterconvi-rtil'le  iioinN  pay  is  a  well  cstnlilishcd  rule  for  tin;  estimation 
able  in  specie.  of  values. 


NEW  MACHINERY  WANTED. 


Sj)ecie  payini'iit  ol'  all  delif.»  i-.  inipriK  tira 
ble;  as    (he    e.\periei\(  c    of  iieiici'alioiis    has 


btaincd. 


Indei-   that   system  which    has   o 
especially  in  (he  Hrylish  speaking  and  Ten 


])roveil  liotli  in  (ireat  Hrilaiii  mid  America,  j  tonic  cMimtries.  during,'  tlic  la-t  l):iO  yeais' 
In  mi clianics  we  abandon  a  iiiachiiic  that  llnancial  crises,  involvjn^'  universal  distiirb- 
proves  it.self  to  lie  unworkable  by  always  aiiccs  an<l  commercial  and  industrial  ilisaster, 
breaking  down  when  nio.-.t  needed ;  not  . so  in  '  have  oeciirrcd  on  x\v  averaj^o  of  more  than 
finance  —  we   are    preparing   t 


n    iixniiif 


I  he  I  once  durint;  each  (h'cad< 


Kn^lish  financial   'nacliinerv,  which   hu.'^  al 


Th 


10  cry  from   our   •political   economists" 


ways   broken    hnvn  when   broui;lit    into  full  land  .vtali'siin  n  of  tin    lMi<,di.<h  school  is,  con- 
operation,  because  of  lis  inherent  defects.        I  tract    the   eiirreiiey   and    resunie   that    ruin 

Mechanical  inaehiiHiy  li.is  Ijcen  iirought  lo  ou^  system  which  luomises  to  pay  coin  thai 
u  high  degree  of  pn lection,  but  the  llnancial  I  does  not  exi.st— re.siinie  a  system  of  periodi- 
machinery  remains  unimproved,  and  lelainslea!  suspensions  of  payment,  when  payment  of 
all  the  impert'ecf ions  ami  defects  which  have-eoin  is  demanded —resume  a  .system  which 
been  the  cause  o*"  periodical  liisa.stcrs  during  |  can  only  result  in  a  general  financial  and  com- 
the   last  century.     This  machinery  must  be  |  mereial  collapse. 

i)erfccted  by  like   methods  and  liy  niin  l.s  of  |      To   resume  the   KnuHsh  system  is  to  re- 
the  ^aull•  clas:.  as  llio^e  who  liave  iiia>ler(d  !  sume  a  system  under  which  no  nai:ion  has  been 

jori'a.i  ))"  prosperous  ;  it  i^a  blight  upon  every 

Tin.'  .--pec  ie  redemption  system  is  \m  II  |  eoimtiy  that  has  adopted  it;  it-  crushes  the 
adui)ted  to  the  objecis  of  the  syndicate,  luil  I  iiidu.-tiies   of  the  people,  concentrates  trade 


more  diltieult  inobh  nis  in  nieeliaiiie; 


is  detrimental  to  the   interests  of  th 


peo])le  I  in 


to  few  hand 


s,  aiii 


1  u  hill'  it  enriches  Home, 


am 


1  t 


o  al 


iiaiiKs. 


These  lattir  ( 


111    III 


tier  jit    impoverishes   the    many;    it    discourages 


employ  their  capital  in  (heir  business,  which 
would  yield  a  greater  [irolit  than  when  locked 


up  in  bonds.     Maiiv  1 


•auks  are  retiring  llieir 


circulation  because  it  is  uiiprolitable.     Thi> 


labor,  depriv's  the  laliorcr  of  his  Just  reward, 
it  IS  destriicMvi!  of  the  nation's  progress  and 
wealth,  and.  worst  of  all,  destroys  tljK  man- 
hood of  its  people,  di.s(|ualifying  them  as 
citi/i  lis  of  a  free  rtpiiblic. 

and  an   exigency  Ihal   will   deinainl   an    iiii    '      The  objec  t  of  all   industry  is   the  procurr 

proved  system  of  cuireiiey      It    is  Wf.dl  t"  I. 

prepared  for  the  event 


is  a  contraction  that  will 


iinii'f  on  a  crisi.^. 


f  life 


iinnt  III  stisteiiani'e  anil  the  f  oiii  forts  o 
and  this  is  the  greati'st  incentive  to  labor. 


Al 
of 

tat 
lilt 

I  Ik 

I    ' 

•    (US 

I 

I       .1 

I  t«l  i 


I 

ml 
<l('l 

mil 
.iol 

Will 

srci 

tllH 

;iii<l 
TIk 

Mll'l 
tl'Il< 

ici 
Till 
the 

IIU'I 

Xn 
I,,  a 

l>ay 

IJ 
Troi 

111,.! 
iiiii'i 

l)(! 

TlTi 


'inriK  cwusF,  and  rMK.iK  (  i'kk. 


5 


All  lluw  rniU  arc  flflViit<<l  liy  it  tli-Hricncy 
1)1' the  iiMlniiMciit  iit'('\(  Ii,tn;ri>;  imlii^try  Ian- 
^'iii!«lii  s  M  lull  it*i  cxclmnjirft  arc  iiilrimpltMl. 

Till-   'Inly  .if  all  K"^"'"""''"'  f^  '"    rmili 
lalf  i|if  t itimiu'itf  of  llic  |Mi)|)|c  l.\  the  wix. 
<|iini  (il  itM  laWM  nml  tln'  f'aitiirul  lAKiiiion  of 
ilii'iii.     It    i-   for   i)r()t<'(tii>n,   aii^l    not    <i)n. 
lix-alioii,  (hut  piv(>riiincitts  arc   (.staliliMlicil. 

\V(  imi^t  liinc  iii'W  fniaiu-ial  inatliiucry- - 
I  lie  oi'l  >y.HtriM  liai  fuili'i!.  Tlir  >ali('iil 
[iKiiitN  of  the  iii'w  macliiiicry  stem  to  Im-. 

1.  That  ^^nniltaiks  shall  i).'  rccfivt'd  for 
diatoms  and  all  other  iUu-(«  to  govfrtinwnt  the 
baiiic  as  ({old. 

'2.  That  till' silver  ilollur  slial!  lie  nstoruil 
to  its  old  rank  in  tlic  li.-t  of  oiins.  and  tlmt 
III!'  iHodmts  of  Dili    Anirtiiaii   silver  mines 


Hhnll  Im"  c  lined,  ns  wrll  n«  thf  pnMlticts  of  the 

Itritish  p)ld  niiii<  s. 
;(.    That    if  any   person   has  (greenbacks — 

I'nited  Slates  notes  not  l>earinj(  interest     and 

desires    to   (Arhanfjfe    tlnni    for    governnient 

notes  heurin;;  intercMt.  that  this  intitrrhanjji; 

slionld  lie  made  at  the  stil)  ircasnrics. 
I  And  tlii<  holder  of  tlie  in*e'.i-HtdH>iirin(j;  old! 

L'ations  may  re  e\rhan;,'e  it  for  j^rccnhack-.  at 

l)ar  and  interest  at  iiis  pleasure. 
That  withoiii  suddenly  disturldn^'  exist inj{ 

(onditioii.".  the  policy  of  this  ijovcriiinent 
I  shall  lie  to  siipplv.  in  the  form  of  eviilcnces 

of  its  own  del)t,  the  ji.iper  currency  of  the 

country,  instead  of  fanning  out  the  privilej;e 
I  to  eorpoi'utioiis  to  supply  the  paper  oiirniiey 
i  to  consist  of  (.'videiKJCH  of  /fir/'r  debts. 


THE  PRACTICAL  WORKING. 


Iiiteicsldteurin;;  obi ij.'at ions,  called  ( '<  i  lifi 
-■'//■  .V,  1,1  distiii;,'uish  them  IVnm  tli«  imnded 
debt,  slioiihl  l)e  furnished  to  ail  suli  Treas 
iiries.  These  should  lie  tor  ten  tiioiisand 
ilollars  each.  (  eriilieates  of  sinallri- amount 
^\|)li!d  ciiculac  and  dcbat  tiie  object  of 
.-•mriii;.'' automatic  contract  ion  a'nl  i  vpaiision. 
tiiat  is,  elasticity  to  the  volume  of  (urremy, 
•.n\'\  involve  much  addition, il  cleric.d  hil'or. 
Tlioe  certificates  to  he  issued  nnly  on  tin- 
-iMnndir  of  an  npial  aininmt  of  I'.S.  Iciral 
ti'iider  notes.  The  form  of  the  notes  In  fore 
reissue  should  be  <  han^ied,  so  as  to  nad: 
The  I'nited  Slates  /'•///  r'nirt.  iiistiad  of 
the  luited  Slates  in'll  fHii:  and  the  indorse- 
ineiil  sli'iuM  be  so  amehded  as  to  .say  :  / /ii>i 
Xdffs  II n  liitvrvUiiiiiiiiiUJf  ifilli  iiihri.-t 
/i<^//'///(/ certitieale.'i.  ami  a  le.L;al  lender  for  all 
li.tynient-.  unle.s.s  otherwise  slipiilateil. 

United  States'  Notes  reci  ived  at  any  sub 
rreH.sury  .shouhl  remain  at  sui  h  olHce  until 
they  are  rei|iiiiid  to  take  up  eerlilicati's.  The 
iiinoiiiit  of  eoiiiractioii  or  exj>aii-ion  should 
be  icpniKd  daily  from  <  aeli  I'f  the  sub 
Treu.surics  to  the  Natitinal  Treasiiiv  at  Wash- 


I  inudon,  and  ;;iven  to  the  Associated  I're.ss,  so 

;  that   every  oic  who  reads  a  moiuin^"'  paper 
may  .see  the  amount  >>f  contraction  or  c\))an- 

I  sdoiiof  the  piivious  day  at  each  sub-TreaMiry 
trom  I'ortland,  Oreyon.to  Savannah. aiul  from 

I  I*ortland.  Maine,  to  (oilvtston.  'I'lie  certifi- 
cates should  l)e  i)repared  at  WashiiiLcton  and 
cliaiyed  to  ihe  olliee  lonhich  they  are  sup- 
plied, the  .same  as  ntil.vay  tickets  are  pre- 
pai(ii  and  (liir-ed  to  '.he  ticket-ortices. 
Till'    iiileie.st    (11    ihe-e  ccitiliciites  not  to 

I  exceed  tlii'  rate  p.iid  on  IJiitish  consols.  :>  per 
eeiit  ,  pi  lii.ip-.  'i  percent,  would  be  better.     If 

\  Suixlays.  holydays  and  day  of  conversion  are 

'  rejected  in  tin'  ( iimpiitation  of  inteiisl.  1  cent 
a    day  on    raeii    sflDO  would    amount    to    |l 

I  pel  day  on  eaeli  cerlitlcate  of  sjilO.OOO.  or 
about  three  piic'iil.  per  annum  The  interest 
to  be  pai<l  by  eh(  (  k  I'll  the  Initid  Stales 
Treasury,  payable  in  notes  in  coin,  as  the 
holder  of  eertiiieates  may  jirefi  r.  The  de- 
mand for  inteiest.  it  i>  piesunied.  would  i^eii- 
eraliy  be  nnele  for  \'  S.'  note>.  a-,  under  tlii>. 
sy  .lem  they  would  likely  be  pref  rred  to  coin. 
We  have  .so  far  had  refennee  to  Treasury 


II  \Kh    IIMKS; 


nntcH  intorrhanucHlilo  with  tTrtlftculcB.  Iwar- 
in;/  iiit  riht  at  om-  cciit  fur  cvi-ry  Ifiwfiil  ilay. 
iihviiyii  f.X(liaii>i<'al>lr  I'li  ilitir  nliiiii  for 
llotCH  lit   the   rttili 'rniUMiiiis.   uh(ii<r    isMinl. 

If  at  any  tiiuf  tht  I  iiitol  States'  iiotis 
hliniihl  ')(•  in  cxci'jtM,  smli  i-xcef."  wmilcl  t)ow 
liack  ti)  thf  Trcasiiiy.  to  be  »'xchanui«l  for 
( I  rtiH(:ii:s.  as  the  excess  of  water,  after  a 
heavy  rain  llows  to  the  eoniiiiils  preparetl 
for  its  reeeption. 

Itiit  h't  us  suppose  that  all  tlie  I'nitol 
Slates' notes  were  in  ciieulation,  as  in  IHTH. 
an<i  Hani;  lewrves  iletieii  nt.  -  we  w  ill  fnrthei 
suppose  there  shonlii  l)e  a  run  on  lh<  Hanks 
for  depositf.  or  a  strike,  or  any  eireuiu.slanee 
that  shoitlil  ilisturli  pnlilie  (  untidenee.  in  such 
(•ii8e.  IIhtc  wouhi  lie  a  (lenian<l  lor  an  in- 
ereaseii  cireulation  Thexo  circumstuuTH 
o(;enr  fret|U('ntiy,  anil  .should,  tlierefore.  he 
providi'd  for.  as  skillfull  inaiiners  i)repare 
for  slomis  as  well  as  lor  fair  weatluT 

To  meet  tiiese  extraonlinary  demands,  there 
should  he  a  Reserve  of  notes,  tolieai)porfioned 
aiiion^  tlie  suij-'friasuries  at  New  York,  New 
Orleans.  (  hicairo. 'iml  San  riani'isco.  to  he  is- 
>ued  only  on  ilir  liyjKitli(.'(;ation  of  iniercht- 
itearinirl»onds.  The  liyix.tluvated  bonds  take 
tlieplai;e  in  the  res'i'Ve  uf  notes  theixi  i«sii."d 
to  the  amonnt  i>f  their  face  value.  'I'iie  rate 
of  interest  l)orn  by  tlie  bonds  hyixitlieeatcd 
will  feive  to  show  the  ile^^ree  of  pres.surc  for 
expansion.  If  the  pressure  i.s  liirhf.  four  per 
cents  will  be  hypotln  eated  ;  if  gi(  ater,  four 
aiel  a  hall's,  fives,  or  sixes  will  come  in, 
Tlirsi  Iii4ii(ls  //•///  ln<ii'  iii>  t'iit<rvKt  H'hih- 
/ii//i<///irfiif)il  As  the  money  market  beeomes 
easier,  the  owners  of  the  liypotiieeated  bonds 
vNould  naturally  begin  to  redeem  first  llie  .six 
per  cents.,  then  the  lives.  el<,'. ;  \nitil  the 
reserve    is    repleiii-hci    with    notes.      Thus 


I  wi  I    tin    Huiomatie    aition    be    eMtabli«>|ied. 

Iwliiehwill  expand  and  eonlr.n  t  the  voltnne 

of  eurreney  as  the  aetion  of  the  valves  nf  a 

steam   emrine   supplies  or  withholds  steinn. 

I  and  the  amount  of  eontiaetion  or  ex])an.-<ion 

;  of  currency  will  sliow  the  detrree  of  pressm-e 

,  with  the  sinne  accuracy  as  tlie  steam  fii.nj,'e 

shows  the  pressure  of  stiam  in  a  boilei. 

It  is  sunietinies  asked,  how.  under  sue  h  a 
I  A^stem,  could  the  ( irculatin^;  medium  be  in 
creased  to  meet  the  wants  of  a^rowinj^  popu 
lation  and  ineieasi'  <if  Iradey     The  ansvxi  r  is, 
■  that  whenevei'  the  reserve  of  I'.S.  nr>tes  shal! 
be  re<luied  to  Icn  millions  of  do|la,is.  it  shall 
be  the  duty  »d"the  Secntary  of  the  Trea.sury. 
without    application    to   <'oiii;re>s.    to    i.ssue 
tifty  millions  nioie  notes,  and  pay  them  out  in 
'  the  purchiuu  of  bonds.    If  the  market  slioujil 
;  not  he  favorable,  then,  to  buy  l)uHion  tn  pay 
off  bonds  as  soon  as  they  tan  be  called  in 

This  nniy.  at  tirst  ^iglit.  sijem  eomplicated; 
!  but  it  is  far  less  .so  than  the  const  met  im  t.f 
a  locomotive  engine,  or  a  sewing  nnichinr.  rn 
the  automatic  supply  ot  hot  and  cold  water 
I  in   u    moden.    dwelling.      Maehini-ts    tackle 
I  and  solve  more  difRt  alt  problems  in  mchan 
ism,  and  it    is  not    too  much    In    ask    that 
legislators  and   financiers  should  show  ecjual 
skill    in    adapting    new   machinery    to    our 
monetary  needs.     In  providing  a   moiu  ta.iy 
;  system  adapte  I  to  the  present  age  and  <  ivi 
i  lization.  instead  of  peisisting  in  resnmin;:-  one 
j  that    has    produced    confusion,    lailure,    and 
liiu)ian  (legrada'ion  in  ail   count  lies  where  it 
I  ha.s  been  practised,  a  new  departure  shouM 
be    made,  and  our    mnnetary    svstini    estab- 
lished on  such  a   basis  as  will   facilitate  tie' 
exchange  of  product  ions  without  prodiK  ing 
j  violent  tluctuations  in  value,  jjeriodical  dis- 
aster, and  social  ilistuibaiice. 


NOT  A  QUESTION  OF  GOLD  OR  PAPER. 

The   (juesiion    i-    not    bitweeii    gold    and  1  <  ioM  coin .|i,<joo,  000,000 

jtaper   currency.     All    counlvies    .npplcnicnt  j  •'^"'^c' and  Inv^l- metal 2,eoo.c<)o,ooo 

their  sperie  with  ,1  paper  ciKulation.  !  '';>!''-''' :..?oo,ixxj,ooo 

31  r.  Fawcelt  estimates  the  amount  <d'  gold  '"'"' $(i.200,oco7ooo 

coin  in  Kiirope  at  |l.!liH).(n)(».i»00.  and  the  an         '*'''"   '''I'''"   f-l  40.   which    is    ei;tht    <lol- 


nnal  interest  on  public  debt   ;5;|.(i(Mi.()00,(K>0. 


lais   per  capita   more   than    we  have   in   the 


'fhere  is  no  iiaid  money  sy.Nlein  in  anv  com-  '"'I'''  ^'"'cs.  including  coin  and  paper  at 
menial  (oiinlry.  The  same  .'tulhority  shows  }  '■'''•''  ''"'"'  ^\'h:ifevci  (  ii(  ul.ilc-  ;e  a  lu'-dium 
th.it  in  Kiirope  there  is  in  ii.se,  as  inoiiev.  the  |  **'^  I'l'yu"  "t  should  have  a  lirimr  basis  th.in 
following  amounls:  j  private  credit.     It  shiaild    be  issiieil   bv  the 


Illl  IK  (    \rSK  ANI>    Tin- IK   (TKI 


7 


piiipli's  Jifjj'iif  mill  iijiuli*  rt'ilcrimihli'  in  jrnv 

I'lllMliIlt   llollils    !(  sitlllity  IIS  lli.ilki  t.llilc,  ;il|il 

of  an  strinly  II  nirDiiirii  illl  valid'  US  any  coin 
nioilily  wliiitcviT  Mill  l)i>  ^ooil  u.s  |iiii){  iis  tlir 
iiittioii  cutJiin'M,  liiyoiul  wliicli  no  Hniuuinl 
>y->t'  111  <iUl  •"'  I'Xpfrtrtl  to  lii>l.  A  -ty.sti m 
tliiit  is  not  iH'w.  Iiiit  Int.-;  linn  proMil  liy  tin 
tot  orixpiTiiiiff. 

Tin  IT  was  II  sy«triii  n|  linunn'  pnutiit'il  in 
tiir  iniildli'  ii|;is-  till'  "(lark  iinr,..'  niulii 
wliicli  ^oviriuncnt  <!•  lit  siipplicil  tin-  cirni 
luting  inciliinn  -  that  the  govirnniiiit  ilrlit 
cviili'iKCH  Wire  I'lir  (rntnriis  worth  u  pn 
niiiiin  over  coin  tlial  tor  ci  iituriiM  there  \mi« 
notliin;^  in  Venice  correspomlinj;  to  ii  stis 
pension  of  specie!  pnynient.  tlimncljil  crises, 
aiiil  the  troulili'H  and  vicissitudes  which  arc 
now  I  \|ieiienccd  in  Itiisiness  life. 

What,  i  t'ainiliarly  caMed  the  grcenliack.  is 
a  governineni  hond.  i  (piivalent  to  llie  ccitifl 
catcs  III'  the  Kank  of  \enice;  its  hrlivcry 
transfers  shares  in  the  national  ilcin.  wliich. 
Iiy  law,  is  made  a  lej^nl  viyiucnt  ;  hut  tin 
uiiverninciit  itself  discrt-ititij  these  notes  and 
makes  them  worth  less  than  coin,  liccatisc  it 
n  In-es  to  receive  them  lor  eu>toin  dues,  for 
which  it  demands  j^old  iiisleiid;  and,  fur 
tlii-r.  the  ^,ivernin(nt  has  rendenii  these  notes 
iriedi'emalile  liy  repcalinji  the  provi^^ion  of 
law  iii'der  which  tliey  were  issued,  which 
provided  that  they  should  he  reeeivalile   hy 


till    ^ovi  rniin  lit  at  pur  for  Intrrcj-t  lieurlnj^ 
'  olili'^'alions  of  the  ^^ovi  rnini  nt. 

Whin  the  TreiiHtiry  note  ix  made  npuil  to 
I  goltl,  Hs  it  woiilil  lie  on  the  iiasis  proposed, 
'  till'  piiymeiit  of  interest  may  l>e  made 
ill  coin  or  riiili>l  Mates  notes,  at  the 
option  of  tiic  payee,  luil  it  is  prolialije  that 
the  latter  will  he  preferred.  Wiii'iiever 
coin  may  !>c  in  cm  ess  hy  importat  ..iis  from 
other  coiitries,  Ireasiiry  notes  w  mid  rt<iw  to 
tlse  Treasury,  and  out  of  circiihition.  and  tiius 
make  room  for  the  excess  of  coin;  on  the 
other  hand,  when  coin  is  evported,  'rreasiiry 
notes  Would  he  returned  ;o  emulation,  and 
prevent  undue  >triii^fency.  The  payment  >f 
interest  at  tlie  option  of  the  pay  •'  in  coin  or 
paper  would  prevent  ail  violent  tin  .  itious 
ill  the  pnrchiusin;.'  power  of  riiit.'U  States 
notes.  Tiicse  luitcH  hfinu:  luittomcd  (in  tiives 
and  reeeivalile  hy  the  irovernn.  ii  forall  dues. 
lieinL'  a  leiral  tender  throughout  the  hof  I, mil 
redeemahle  in  inti  ii  ^t  ■  Ixarinfj  e'-lii.  iiions, 
tiny  wduhl  have  a  ci  riaiii  and  blendy  vnltie. 
such  as  proniis.sory  notes  of  Imnk.s  hav<'  never 
had.  If  olhir  nations  should  r  i  a  similar 
.systim,  it  is  iirobalde  that  !,'old  and  silvt  r 
would  di  preci.ite  as  did  silver  hy  a  partial 
rUmonetizat'on.  The  rate  of  interest  on  cer- 
tificates, into  which  all  notes  would  lie  con- 
vrrtihle,  will  serve  as  an  (tfective  (i|uipoise 
to  kocj)  steady  the  value  of  the  notes. 


THE  GREAT  MISTAKE. 


Tin;  depreciation  of  the  grecuhaek  hy  the 
uiiAi'-e  mutilatitui  of  the  legal  tender  power, 
and  the  ahroyation  of  its  coiivcrtihility  into 
interest  licurinjj  certificates,  has  l»c(  u  the 
main  caii.--e  <{'  all  our  tronl>lc.  It  was  this 
(aiisid  the  ilepreciatioii  of  the  greenback- 
it  wa.N  the  depreciation  which  led  to  tin- 
unwise  policy  of  arbitrarily  contracting  the 
lurrency,  as  it  was  said,  'to  raise  its  val'ie 
to  gold."  Tills  poli  y  has  become  a  complete 
failure,  for  after  a  contraction  of  $fj>tli,fli»0, 
000  by  Secretary  McC.'illoch  in  \wt>  yiar.s, 
18(50  07.  gold  was  higher  than  it  was  be 
lore  i;oiitracti()n  began,*  And  yet  this  policy 
is  persistently  going   on.     We  are   burning 


•  See     Tribuiii'    .Min.iii.ic,    and     I  ir.    Taylor's 
American  i  iineney. 

+,Sec  Dunn  and  Harlow's  list  of  bankrupts. 


gfeeiibaiks,  till  best  circulating  iiKdium.  and 
:iub.-titutiiig  long  time  iionils--addiiig  to  the 
interest  bearing  debt  -bankrupting  thecoun- 
try,  and  for  what/  To  Ktiirn  to  a  sy.-^tem 
that  has  repeatedly  .'ailed  ami  must  <  \er  fail 
'I'lie  contraction  of  the  i  urn  iicy  has  para 
ly/ed  industries,  ihprcciated  the  value  of 
ecery  kind  of  property  to  the  e.\tent  of  thou- 
sands <i{  millions  of  dollars'  It  has  in- 
creased the  annual  mimberof  bankrupts  froin 
TiJlO  in  IHOri  t.>  y.OOJ  in  1876+— has  deprived 
2.t»(iO,00()  (d'  pi  r.sons  of  eniphiynieiit.  and 
spreail  a  pall  of  gloom  over  the  whole 
country,  which  is  a  sure  forerunner  of  crime 
and  turliiilaiiee. 

•See  New  \  ork  asNCssments  -a  ilcprecialion  uf 
$581,000,000  in  the  iiioperty  value  of  that  :  tate 
alone ! 


8 


HARD   riMF.S;   IlIKIR  CAUSE  AND    THKIR  CURR 


OUR  ADVERSARIES. 


Tlierc  i«  ii  powi  i  wliiili  mU's  llic  woiM 
from  which  no  comincn  iul  proplo  have  t\s  yet 
been  I'rccil.  Tliat  power  \i  wiclilcd  liylhc 
tlio  grciit.  syndicate  comjKi.-fil  of  a  few  fjrcat 
Dinney  kiii<i;H.  All  tuiiiiinisl  rat  ions  in  rc'iirc- 
sentiitive  govornnicntH,  ami  all  real  iiianagi.'rs 
of  political  parties  an-  their  in^truincnls; 
monarciis  arc  their  servants ;  inih  t'ti,  all  these 
are  Imt  •* cat's- paw;,"  through  which  this 
power  operates,  ft  is  a  power  more  danger- 
ous tlian  the  Coniinunc  because  more  insidi- 
ous. It  carries  on  its  nefarious  operations  by 
ivgiota^e.  financial  corners,  and  corrupt  legis- 
lation, which  saps  the  founthUion  of  com 
nierce  and  industry,  an*!  is  a  standing  men- 
ace against  society  itself.  This  oowcr  liic- 
tates  to  all  countries  and  people  what  their 
(lehl.s  shall  be  paid  in,  and  it  makes  ihem 
payable  in  certain  metals  which  the  money 
kings  ahme  control,  and  which  they  can 
withhold,  or  supply  abundantly,  as  it  siiits 
their  >"ii  interest,  ft  was  this  |)nwcr  that 
dictate..'  .establishment  of  the  English 
system  in  tli  countiy.  It  is  tlii>  ])t>wcr  tUat 
is  coercing  n>  through  coutraction  anrl  b.>  ik 
ruptcy  to  again  resume  that  system.  lt«-.as 
this  power  that  ordercii  silver  to  be  dem.me- 


ti/ed  in  Kngl  ui<i.  (ieniiany,  and  tlie  United 
States,  a  ::1  its  orders  have  been  obeyed. 
This  power  condemned  the  greenback  to 
cremation  —  it  is  again  olxyed.  We  may 
dream  alxjut  linancial  freechnn.  but  we  will 
never  enjoy  it  itntil  wo  learn  who  are  '>i:r 
masters,  and  free  ourselv<!s  from  their  .stran- 
gling grasp.  Under  this  modern  gold-re- 
(hmptioi.  system  the  commercial  ami  indus- 
trial world  has  lien  at  the  mercy  of  a  ccn- 
trali/ed.  foreign  oligarchy,  more  jiowcrful 
and  more  skillful  in  ellecting  its  ends  than 
Cicsar  (U-  Napoleon.  It  holds  in  its  glovecl 
but  metallic'  hand,  tlie  power  to  make  or  mar 
at  will  the  i)rospi'rity  of  every  nation  and 
every  individual;  it  compels  all  who  trade 
to  be  forever  promising  to  deliver  gold  which 
that  power  alone  commands  and  controls, 
I  and  to  rely  in  all  transactions  on  like  prom 
ises;  promises  the  fill  til  In.ent  of  which  is  a 
physical  impossiljility.  and  has  been  so 
.provcil  by  the  fre(iiieiit  recurrence!  of  .supen- 
sions  and  di.sa.st.';>  through  many  genera- 
tions, and  in  all .  ..untries  wiicie  t he  no  called 
"Specie  Uedemption"  system  ha.'*  |)revailed; 
whi(  h  might  with  more  propriety  lie  called 
the  •Specie  Siii-pension"  .'-ysi em. 


MUST  THE  GOVERNMENT  BE  AT  WAR  WITH  THE 

PEOPLE? 


Our   legislation  has  been  pervert cd—spc-  ! 
cial  interests  have  been  preferrcil  to  the  grn- 1 
oral  interest,  in  violation  of  the  primary  [)iin-  ; 
ciples  of  all  governiiicnt.     "It  is  to  ]U'oi)erty 
of  the  citizens,  and  not  to  the  dciuauils  of! 
the  public  credit, >!'.  thai  the  original  faith  of' 
civil  society  is  i)ledgcd:   the   claim  of  the  j 
citizen  is  ]):'ior  in  time,  paramount  in  title.  , 
superior   in   e(]uity.    The   state   can  pledge' 
nothing  but  public  estate,  and  has  no  ollici' 
estate  than  what  it  derives  from  a  justly  pro-  j 
portioned  ta.\  on  the  citizens  at  large."+  Laws 
that  transfer  one  man's  property  to  another' 

tiulniund  lUuke. 


without  eipiitable  coiwideration  are  not  only 
unjust,  but  are  e(|uivalent,  in  eftVcl.  to 
violei  ce  and  s|)nliatioii.  Under  this  class 
legisl.ition,  propi  rty  is  silently  sliding  into 
other  hands  without  adeijuutc  consideration, 
or  bc(;oinin;.;  worthless.     Jliist  this  go  (mV 

'fli(!  syndicate  tleit  rules  the  woibl  have 
brought  our  lin.i'U'cs  into  such  a  condition 
that  the  progi'cs  of  the  people  is  checked. 
They  have  powerful  and  intilligent  agents; 
they  control  legislatures  atnl  manage  party 
organix.ations.      Wn.vv    .\m.;    tiik     ckojm.k 

DOI.NOV      Who    I^    .\CTIN(.    I'oil    rilK.M':' 


ChIlWCi).  y'i//v  /.»/.  iSj'/. 


